Staff Reporter
Islamabad
Federal Board of Revenue has approved the Audit Policy, 2019 pertaining to Tax Year 2018. The Audit Policy, 2019 shall apply to persons or classes of persons falling under all or any of the three domestic Federal Tax Statutes i.e. Income Tax Ordinance 2001, Sales Tax Act 1990, and Federal Excise Act 2005. FBR has added that criteria for selection of cases (for all taxes) for Tax Year 2018 would be parametric. Cases will be selected on scientific approach for which a software has been designed and put in place named as “Risk Based Audit Management System” (RAMS). This will enable FBR to focus on cases with maximum non-compliant taxpayers while facilitating compliant taxpayers and building the confidence of taxpayers in the Audit system. FBR would shortly conduct computer ballot by applying Risk Based Parameters for selection of 0.76% of cases for audit out of the total filers after exclusions in Income Tax for the Tax Year 2018.
